The growth and development of the Nigerian economy largely depends on the success of Micro, Small and Medium Enterprises (MSMEs). This is evident in the report released by the Small and Medium Enterprises Development of Nigeria (SMEDAN) which noted that MSMEs are a very important part of the Nigerian economy, representing 96% of the businesses in the country, and equally accounts for 75% of national employment in the West African nation.
It is also needful to note that out of the 17.2 million SMEs in Nigeria, over 17 million are micro enterprises. With this development, it is clear that growth in the MSME sector is largely connected to the growth of the Nigerian economy and increase in employment for Nigerians.
Without a doubt, there is need for stakeholders and big business owners to invest in some of the micro businesses that has the capacity to stabilize and transform the Nigerian economy for better gains in the near-future. Union Bank perfectly understands the Nigerian economic terrain and in a bid to boost the country’s economy and improve standard of living, it has launched some financial empowerment packages. Some of these packages include the Development Bank of Nigeria (DBN) and the Bank of Industry – Women in Business fund.
Development Bank of Nigeria (DBN)
In collaboration with financial institutions and commercial banks, the Development Bank of Nigeria is dishing out loans to micro businesses. Union Bank is one of DBN partners and the opportunity is open to all of its customers that run a startup or existing microbusiness that is productive. For customers of Union Bank, this is a great platform to move your venture forward, owners of Micro, Small and Medium sized enterprises (MSMEs) can easily access loans from DBN to serve as daily working capital, acquire assets and expand their businesses. DBN is set to provide funding and risk-sharing guarantees through Participating Financial Institutions (PFIs) that will go on to disburse loans on behalf of DBN to beneficiaries.
For Union Bank customers, there are certain features attached to this package:
- The maximum tenor is four years (48 months)
- The maximum scheme limit include
- Working capital of up to 60million, and
- Term loan of 200 million
- Moratorium is available
- The interest rate is affordable
How to get a DBN Loan for Customers of Union Bank
- Visit any branch of Union Bank and indicate your interest towards applying for a DBN Loan
- Thorough appraisal and examination of your business and loan purpose by staff of Union Bank. If the assessment is favourable, Union Bank will apply to DBN for funds.
- If DBN approves your loan request, disbursement will be made to Union Bank for on-lending to end borrowers.
For further enquiries and loan application, customers of Union Bank can contact:
aoordia@unionbankng.com
aebassey@unionbankng.com
retaillending@unionbankng.com
Bank of Industry (BOI) – Women in Business Fund
Here, Union Bank partners with BOI to provide funding for women-owned businesses or any enterprise with the majority of its employees as women. This lending platform is in a bid to support women and encourage women self-reliance. Funding is open to the following sectors
- Manufacturing
- Trade in locally produced goods
- Solar Industries
- Service Industries with relevance to the manufacturing sector
Features for this loan include:
- Maximum tenor of 3 years
- A maximum lending limit of 50 million
- For asset acquisition only
- Moratorium is available
- The interest rate is affordable
Sources:
Omicsonline.org
Devbankng.com
Unionbankng.com
Featured Image Source: Daily Post NG
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